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WKN: A2JPKD | ISIN: US47632P1012 | Ticker-Symbol:
NASDAQ
13.11.24
21:25 Uhr
3,310 US-Dollar
-0,030
-0,90 %
Branche
Bekleidung/Textil
Aktienmarkt
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1-Jahres-Chart
JERASH HOLDINGS US INC Chart 1 Jahr
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JERASH HOLDINGS US INC 5-Tage-Chart
ACCESSWIRE
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Jerash Holdings (US), Inc.: Jerash Holdings Reports Financial Results for Fiscal 2025 Second Quarter

Finanznachrichten News

- Revenue Increases 21 Percent; Gross Profit Rises 31 Percent -

- Company Returns to Profitability as Global Customers Regain Confidence -

FAIRFIELD, NJ / ACCESSWIRE / November 12, 2024 / Jerash Holdings (US), Inc. (NASDAQ:JRSH) (the "Company" or "Jerash"), which manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands, today announced financial results for its fiscal 2025 second quarter, ended September 30, 2024.

"Results for our second fiscal quarter demonstrated confidence by our global customers working with Jerash and the competitive advantages of doing business in Jordan," said Sam Choi, Jerash's chairman and chief executive officer. "Purchase orders for export shipments to our customers in the U.S. and Europe have been steadily increasing, and we are pleased to report that our factories are now fully booked through the first half of calendar year 2025.

"Also, on a positive note from a geopolitical perspective, our export trade routes in the region returned to a more normalized environment in August, which, in turn, is positively affecting profitability. Gross margin for the fiscal second quarter increased to 17.5 percent from 16.1 percent a year ago, and from 11.3 percent in the preceding fiscal first quarter.

"We are continuing to attract new global brands, further diversify our customer base, and expand product mix. We have good visibility well into fiscal 2026, and with momentum continuing, we are beginning to plan for a potential expansion of manufacturing capacity to support future growth," Choi added.

Outlook

  • Revenue for the fiscal 2025 third quarter is expected to increase by 35-38 percent from the same quarter last year; full-year revenue is expected to increase by 30-35 percent.

  • Gross margin goal for fiscal year 2025 is expected to be approximately 14-15 percent, subject to logistics and shipping charges and product mix.

Fiscal 2025 Second Quarter Results

Fiscal 2025 second quarter revenue increased 20.6 percent to $40.2 million, from $33.4 million in the same period last year, reflecting an increase in shipments to Jerash's major U.S. customers.

Gross profit for the fiscal 2025 second quarter increased 31.4 percent to $7.1 million from $5.4 million in the same quarter last year. Gross margin increased 140 basis points to 17.5 percent, from 16.1 percent in the same period last year. The expansion in gross margin was primarily due to higher production volume, with increased orders shipped to the U.S. customers that typically carry higher margins.

Operating expenses totaled $5.9 million in the fiscal 2025 second quarter, compared with $4.5 million in the same period last year. The increase was primarily due to higher logistics costs to catch up with garment shipment schedules, and increased stock-based compensation expenses.

Operating income increased to $1.1 million in the fiscal 2025 second quarter, from $888,000 in the same period last year.

Total other expenses were $364,000 in the fiscal 2025 second quarter, versus $167,000 in the same quarter last year. The increase primarily reflected higher interest expenses.

Net income in the fiscal 2025 second quarter increased 80.1 percent to $665,000 from $369,000 for the prior-year quarter. Net income per diluted share for the fiscal 2025 second quarter increased to $0.05, from $0.03 in the same quarter last year.

Comprehensive income attributable to the Company's common stockholders totaled $663,000 in the fiscal 2025 second quarter, compared with $306,000 in the same period last year.

Six-Month Fiscal Year 2025 Results

Revenue for the first six months of fiscal year 2025 rose to $81.2 million, from $68.1 million in the same period last year.

Gross profit was $11.7 million for the first half of fiscal year 2025, compared with $10.9 million for the same period last year. Gross margin for the first six months of fiscal year 2025 was 14.4 percent, compared with 16.1 percent in the same period last year.

Operating expenses for the first six months of fiscal year 2025 were $11.4 million, compared with $9.0 million for the same period last year. Operating income was $306,000 for the first six months of fiscal year 2025, compared with $2.0 million for the same period last year.

Net loss for the first six months of fiscal year 2025 was $702,000, or $0.06 per share, compared with net income of $864,000, or $0.07 per share, in the same period last year.

Comprehensive loss attributable to Jerash's common stockholders was $673,000 in the first six months of fiscal year 2025, compared with comprehensive income of $708,000 for the same period last year.

Balance Sheet, Cash Flow, and Dividends

Cash and restricted cash totaled $17.9 million, and net working capital was $35.2 million as of September 30, 2024. Net cash provided by operating activities was approximately $2.4 million for the six-months ended September 30, 2024, compared with $8.2 million for the same period last year.

On November 8, 2024, Jerash's board of directors approved a regular quarterly dividend of $0.05 per share on its common stock, payable on or about November 29, 2024 to stockholders of record as of November 22, 2024.

Conference Call

Jerash Holdings will host an investor conference call to discuss its fiscal 2025 second quarter results today, November 12, 2024, at 9:00 a.m. Eastern Time.

Phone: 888-506-0062 (domestic); 973-528-0011 (international)
Conference ID: 454213

A live and archived webcast will be available online in the investor relations section of Jerash's website at www.jerashholdings.com. For those who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website.

About Jerash Holdings (US), Inc.
Jerash manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands and retailers, including VF Corporation (which owns brands such as The North Face, Timberland, and Vans), New Balance, G-III (which licenses brands such as Calvin Klein, Tommy Hilfiger, DKNY, and Guess), American Eagle, and Skechers. Jerash's existing production facilities comprise six factory units and four warehouses, and Jerash currently employs approximately 6,000 people. Additional information is available at www.jerashholdings.com.

Forward-Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "seek", "potential," "outlook" and similar expressions are intended to identify forward-looking statements. Such statements, including, but not limited to, Jerash's current views with respect to future events and its financial forecasts, and expansion of the customer base among high-profile global brands, are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including those risks described from time to time in filings made by Jerash with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Jerash does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.

Contact:
PondelWilkinson Inc.
Judy Lin or Roger Pondel
310-279-5980
jlin@pondel.com
rpondel@pondel.com

# # #
(tables below)

JERASH HOLDINGS (US), INC.,
AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended
September 30,

For the Six Months Ended
September 30,

2024

2023

2024

2023

Revenue, net

$

40,240,127

$

33,357,108

$

81,175,843

$

68,092,765

Cost of goods sold

33,182,244

27,985,077

69,478,089

57,153,194

Gross Profit

7,057,883

5,372,031

11,697,754

10,939,571

Selling, general, and administrative expenses

5,449,386

4,240,588

10,449,130

8,475,506

Stock-based compensation expenses

474,088

243,448

943,023

484,250

Total Operating Expenses

5,923,474

4,484,036

11,392,153

8,959,756

Income from Operations

1,134,409

887,995

305,601

1,979,815

Other Income (Expenses):

Interest expenses

(503,149

)

(359,234

)

(983,352

)

(748,185

)

Other income, net

139,166

192,523

193,201

282,750

Total other expenses, net

(363,983

)

(166,711

)

(790,151

)

(465,435

)

Net income (loss) before provision for income taxes

770,426

721,284

(484,550

)

1,514,380

Income tax expenses

105,877

352,340

217,598

650,321

Net income (loss)

664,549

368,944

(702,148

)

864,059

Net gain (loss) attributable to noncontrolling interest

9,261

3,327

(12,220

)

1,916

Net income (loss) attributable to Jerash Holdings (US), Inc.'s Common Stockholders

$

655,288

$

365,617

$

(689,928

)

$

862,143

Net income (loss)

$

664,549

$

368,944

$

(702,148

)

$

864,059

Other Comprehensive Income (Loss):

Foreign currency translation gain (loss)

7,583

(59,841

)

16,496

(154,500

)

Total Comprehensive Income (Loss)

672,132

309,103

(685,652

)

709,559

Comprehensive gain (loss) attributable to noncontrolling interest

9,261

3,327

(12,220

)

1,916

Comprehensive Income (Loss) Attributable to Jerash Holdings (US), Inc.'s Common Stockholders

$

662,871

$

305,776

$

(673,432

)

$

707,643

Earnings (Loss) Per Share Attributable to Common Stockholders:

Basic and diluted

$

0.05

$

0.03

$

(0.06

)

$

0.07

Weighted Average Number of Shares

Basic

12,294,840

12,294,840

12,294,840

12,294,840

Diluted

12,460,241

12,294,840

12,294,840

12,294,840

Dividend per share

$

0.05

$

0.05

$

0.10

$

0.10

JERASH HOLDINGS (US), INC.,
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,
2024

March 31,
2024

(Unaudited)

ASSETS

Current Assets:

Cash

$

16,338,578

$

12,428,369

Accounts receivable, net

5,793,228

5,417,513

Inventories

20,206,799

27,241,573

Prepaid expenses and other current assets

3,216,845

2,746,068

Advance to suppliers, net

6,028,433

3,086,137

Total Current Assets

51,583,883

50,919,660

Restricted cash - non-current

1,545,457

1,608,498

Long-term deposits

852,842

802,306

Deferred tax assets, net

158,329

158,329

Property, plant, and equipment, net

24,674,730

24,998,096

Goodwill

499,282

499,282

Operating lease right of use assets

1,033,412

1,259,395

Total Assets

$

80,347,935

$

80,245,566

LIABILITIES AND EQUITY

Current Liabilities:

Credit facilities

$

3,570,237

$

-

Accounts payable

4,394,732

6,340,237

Accrued expenses

3,654,895

4,175,843

Income tax payable - current

952,108

1,647,199

Other payables

2,368,807

2,234,870

Deferred revenue

1,123,163

10,200

Operating lease liabilities - current

343,868

370,802

Total Current Liabilities

16,407,810

14,779,151

Operating lease liabilities - non-current

481,575

618,302

Income tax payable - non-current

-

417,450

Total Liabilities

16,889,385

15,814,903

Equity

Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding

$

-

$

-

Common stock, $0.001 par value; 30,000,000 shares authorized; 12,534,318 shares issued and 12,294,840 shares outstanding

12,534

12,534

Additional paid-in capital

24,860,117

23,917,094

Treasury stock, 239,478 shares

(1,169,046

)

(1,169,046

)

Statutory reserve

413,821

413,821

Retained earnings

39,784,826

41,704,238

Accumulated other comprehensive loss

(475,823

)

(492,319

)

Total Jerash Holdings (US), Inc. Stockholders' Equity

63,426,429

64,386,322

Noncontrolling interest

32,121

44,341

Total Equity

63,458,550

64,430,663

Total Liabilities and Equity

$

80,347,935

$

80,245,566

JERASH HOLDINGS (US), INC.,AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended
September 30,

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) income

$

(702,148

)

$

864,059

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization

1,209,053

1,224,322

Stock-based compensation expenses

943,023

484,250

Credit Loss (recovery)

16,768

(66,980

)

Amortization of operating lease right-of-use assets

300,559

416,090

Changes in operating assets:

Accounts receivable

(392,484

)

(2,894,162

)

Bills receivable

-

87,573

Inventories

7,034,774

13,942,970

Prepaid expenses and other current assets

(470,777

)

814,878

Advance to suppliers

(2,942,296

)

(1,910,244

)

Changes in operating liabilities:

Accounts payable

(1,945,505

)

(1,530,458

)

Accrued expenses

(520,948

)

(251,048

)

Other payables

133,937

(265,119

)

Deferred revenue

1,112,963

(696,006

)

Operating lease liabilities

(238,237

)

(336,984

)

Income tax payable

(1,112,062

)

(1,704,261

)

Net cash provided by operating activities

2,426,620

8,178,880

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property, plant, and equipment

(348,238

)

(635,878

)

Payments for construction of properties

(270,599

)

(2,575,669

)

Payment for long-term deposits

(317,386

)

(247,610

)

Net cash used in investing activities

(936,223

)

(3,459,157

)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividend payments

(1,229,484

)

(1,229,484

)

Investment of noncontrolling interest

-

31,365

Repayment from short-term loan

(5,566,040

)

(3,118,339

)

Proceeds from short-term loan

9,136,277

3,118,339

Net cash provided by (used in) financing activities

2,340,753

(1,198,119

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND RESTRICTED CASH

16,018

(123,491

)

NET INCREASE IN CASH AND RESTRICTED CASH

3,847,168

3,398,113

CASH, AND RESTRICTED CASH, BEGINNING OF THE PERIOD

14,036,867

19,411,603

CASH, AND RESTRICTED CASH, END OF THE PERIOD

$

17,884,035

$

22,809,716

CASH, AND RESTRICTED CASH, END OF THE PERIOD

$

17,884,035

$

22,809,716

LESS: NON-CURRENT RESTRICTED CASH

1,545,457

1,608,074

CASH, END OF THE PERIOD

$

16,338,578

$

21,201,642

Supplemental disclosure information:

Cash paid for interest

$

983,352

$

748,185

Income tax paid

$

1,329,150

$

2,371,705

Non-cash investing and financing activities

Equipment obtained by utilizing long-term deposit

$

262,017

$

358,620

Operating lease right of use assets obtained in exchange for operating lease obligations

$

67,512

$

177,068

SOURCE: Jerash Holdings (US), Inc.



View the original press release on accesswire.com

© 2024 ACCESSWIRE
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